Copenhagen, 2013-11-15 08:00 CET (GLOBE NEWSWIRE) -- • GN Store Nord generated revenue of DKK 1,609 million and 14% organic growth in the third quarter of 2013. Both businesses delivered significant EBITA improvement, and group EBITA ended at DKK 294 million without any restructuring costs, 51% higher than in Q3 2012 and corresponding to an EBITA margin of 18.3% • GN ReSound delivered another quarter with 13% organic growth – the 13th consecutive quarter with market share gains. The EBITA margin crossed the 20% mark and reached 20.4% in the quarter • As previously communicated, all restructuring costs in GN ReSound have been expensed during the first half of 2013. Consequently, the profit and loss statement for Q3 2013 includes no restructuring costs • GN Netcom achieved organic growth of 17% driven by the growth in Unified Communications (UC) headsets. GN Netcom’s EBITA ended at DKK 101 million leading to a significant increase in the EBITA margin from 13.5% in Q3 2012 to 17.1% • Today, GN Store Nord announced its 2014 - 2016 strategy in a separate announcement: INNOVATION AND GROWTH. Building on the strong technological position and continued innovation, GN will drive strong top line growth by changing its focus from restructuring to commercialization of innovations. From 2013 to 2016, GN Store Nord will increase revenue by more than 30%, adding more than DKK 2 billion to the 2013 revenue • Following the strong performance in Q3 2013, GN Store Nord is upgrading the financial guidance for the year. The organic growth guidance for GN ReSound is upgraded from previously “more than 7%” to “around 9%”. The EBITA guidance is adjusted from previously “more than DKK 825 million” to “around DKK 840 million”. GN Netcom is narrowing the 2013 organic growth guidance from previously “17 - 20%” to “around 18%”, and the 2013 EBITA guidance is narrowed from previously “DKK 450 - 500 million” to “around DKK 475 million”
Quotes from the executive management
Lars Viksmoen, CEO of GN ReSound: “The third quarter was another quarter with 13% organic growth for GN ReSound. Add to that our announcement of ReSound LiNX, the world’s first Made for iPhone hearing aid, and it should be clear that I am excited about the potential of our company as our organizational focus is shifting from restructuring to commercialization of our attractive innovations”.
Mogens Elsberg, CEO of GN Netcom: “In Q3 2013, we delivered another quarter with double-digit growth and significant EBITA margin expansion. I am proud of our current results and encouraged by the underlying demand for Unified Communications headsets as well as for music focused consumer speakers and headsets. This is an attractive opportunity, which we will exploit by continuing to bring out new innovative products designed for these segments”.
Teleconference
GN Store Nord hosts a teleconference at 11.30 a.m. CET today. Please visit www.gn.com to access the teleconference. Presentation material will be available on the website approximately one hour prior to the start of the teleconference.
For further information please contact:
Michael Bjergby Senior Director – IR, Communications, CSR & Treasury GN Store Nord A/S Tel: +45 45 75 02 92
